Rapidly evolving trends in urbanization along with rising preference towards better-quality infrastructure will boost bitumen membranes market share over the analysis timeframe. These materials have experienced increased demand from the building & construction segment owing to various advantages including superior rust proofing and water resistance. Bitumen membranes are also widely used as sheets to make concrete structures resistant to moisture. Upsurge in construction activities, especially in the Asia-Pacific (APAC) belt, will bolster bitumen membranes industry expansion.
U.S. Bitumen Membranes Market Size, By Application, 2014 – 2025 (USD Billion)
Globalization has had a deep impact on societies and communities across the world and has remarkably promoted sustainable development in emerging economies. Continuous developments and R&D efforts have brought about considerable enhancements to existing technologies by creating innovative products, which is anticipated to increase product engagement.
Countries face different weather conditions all year round and have to tackle unpredictable climate change patterns. Subsequently, bitumen membrane, with its benefits including better resistance to water and moisture, is set to witness a jump in consumption over the coming years.
Consumer inclination towards EVs will witness an upsurge due to the need for eco-friendly transport options as well as low repair and maintenance costs. Advancements in automotive technology have led to advent of cost-effective high endurance batteries, further propelling growth of the sector.
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The International Energy Agency (IEA) reported in 2018 that over 750,000 EVs were sold during the year and nearly 2 million electric cars were running on streets all over the globe. Consistent production of vehicles worldwide and gradual proliferation of EVs can be expected over the coming years. Extensive product use in the automobile sector will substantially complement bitumen membranes market outlook over the forecast duration.
More than half the world population now lives in urban areas which can be attributed to a rapid surge in global urbanization, escalating swiftly over the last 4 decades. UNESCO reported the current rate of urban population expansion to be 60 million individuals annually and the number of cities with 10 million or more residents is accelerating quickly. Estimates suggest that the global urban population will exceed 6 billion people by the end of 2050. Rising global population worldwide will boost the growth of construction sector, fueling bitumen membranes industry size.
Europe bitumen membranes market accounted for a notable share of the total growth in 2018. Construction segment climbed due to increased consumer spending on remodeling and renovation activities on account of rapid urbanization. In the U.S. the increasing number of housing starts will fuel the demand for bitumen membranes, with builders opting for the product due to economical rates and additional benefits.
Moreover, rise in disposable incomes and added investments on residential building construction and will favor the industry prospects. Residential re-roofing sector across the region will experience rapid product utilization as people will opt to replace older worn out roofs with latest materials.
Bitumen membranes are anticipated to witness remarkable consumption owing to rise in manufacturing activities across Asia Pacific. APAC accounts for the largest share in the global construction industry, led by India, Japan and China. Growing population, low cost labor, favorable government initiatives and urbanization is expected to drive infrastructure development, reinforcing bitumen membranes market growth across the region.
Developing countries worldwide will create soaring demand for the product through modifications of a range of industrial properties such as factories, warehouses and logistic houses, in turn driving market trends.
Emergence of small regional players in countries such as India and China has heated up market competition. In order to gain a competitive edge in the industry, some of the players are adopting merger & acquisition strategies. BTM, Johns Manville, BMI Group, Firestone Building Products Company LLC, IKO Group, and Ardex are some of the key players comprising global bitumen membranes market share, which is projected to reach annual valuations of over USD 3.5 billion by 2025.
Author Name : Hrishikesh Kadam
Rise in baby healthcare issues and disposable incomes drives Styrenic block copolymer (SBC) market growth
Styrenic Block Copolymer(SBC) Market size was more than $1.96 million tons for 2015 and is predicted to register CAGR of more than 4.52% by end of forecast timeframe. Baby diapers industry size is predicted to cross $64.2 billion by end of 2023 from $39 billion for 2014, with projected profit at 6% by end of forecast timeframe. Rising baby healthcare issues along with rise in purchasing capacity are key aspects driving industry growth.
These are primarily utilized to produce tabs, waistbands, leg elastics ,side panels and landing zone in diapers. Enhanced comfort and best fit size of diaper due to elastomeric substances led producers to accept compounds like SEPS, SBS, SEBS, SEEPS and SIS which promoted demand for the product. Styrenic block copolymer (SBC)compounds contribute about 40% to 80% by mass of total baby diapers.
Latin America and APAC Styrenic block copolymer (SBC) market share can grow substantially in terms of baby diaper use. Rise in population along with increase in disposable incomes is predicted to influence the regional industry growth.
Approvals from U.S. Pharmacopoeia and FDA(Food & Drug Administration of U.S.) to make use of the compound in medical sector due to less dependence on PVC(Polyvinyl chloride) is predicted to fuel Styrenic block copolymer demand.
High resistance, transparency, design versatility, exceptional thermal stability, easy sterilization by gamma irradiation and mutagenic potential are main features promoting industry growth. Key raw substances, natural gas and crude oil are involved in production of SBC(Styrenic block copolymer). Varying raw material costs due to political instability can adversely impact industry trend.
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SBS product segment dominated the industry in terms of size and produced greater than $4.51 billion revenue for 2015. Rapid baby diaper segment growth and fast expansion of footwear section due to rising customer affordability are predicted to influence the demand of product.
Hydrogenated product segment is predicted to acquire greater than 5.6% of growth in terms of size by end of 2023. Growing trend to obtain sustainable sealants & adhesives in construction sector is predicted to nurture the growth of the segment.
The industry is segmented into various applications like footwear application and roofing & paving application.
Footwear application segment is predicted to register greater than 4% of CAGR by end of 2023. High resilience strength and material sustainability are few of the properties promoting the demand for this segment. Shift in purchasing trend and tendency to adapt footwear for different reasons is another key aspect driving the product demand.
Roofing & paving application segment was evaluated at more than $1.96 billion for 2015. Construction sector growth along with increasing customer choice for personalized home interiors are key driving aspects favorably influencing the segment.
APAC dominated Styrenic block copolymer market and was evaluated at more than $2.66 billion for 2015. China contributed maximum regional industry share during the year.
Fast industrialization along with growth of production sector due to easy availability of skilled labor are main factors driving demand for compound. China is one of the key footwear producing nations succeeded by India. Growing SBC use in footwear is predicted to favorably affect industry growth in the region.
U.S. led the North American industry in terms of size. It is predicted to register more than 4.23% CAGR during forecast timeline. Approval given by FDA to use SBC in production of medical devices is key driving aspect stimulating product demand.
Large scale investment in building & construction segment in UAE and Saudi Arabia is predicted to boost the MEA(Middle East & Africa)Styrenic block copolymer market expansion. MEA is predicted to register greater than 4.81% CAGR during forecast timeframe.
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Key industry players profiled in the report include Kraton Performance Polymers, En Chuan, Zeon Corporation, Asahi Kasei, Styrolution, Dynasol Elastomers, LCY Chemical Corporation,, LG Chemicals, Chi Mei Corporation, BASF, Versalis, TSRC, Momentive Specialty Chemicals, Chevron Phillips, JSR Corporation, Sinopec and Kumho Petrochemicals.